actually it's a case of the S-corp sending you a K-3 for which nothing has to be entered on your return if you are a US citizen.
most tax programs do allocations regardless of whether there is any need to include that info on your return.
two of the most common items this tax year are k-3s with no foreign tax credit and only US source income and the other is Unrelated Business Taxable Income or UBIT which only needs to be reported by tax-exempt entities like charities and retirement plans.
here' 's a memo from a partnership. the same applies to S-corp shareholders
Beginning in tax year 2021, the Partnership will report items of international tax relevance to our partners on new Schedule K-3. As we disclose .... all of our income is effectively connected with a United States trade or business. However, a limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements.
Notwithstanding the aforementioned, to the extent our Schedule K-3 is applicable to your return filing needs, we encourage you to review the information contained on this form when available and refer to the appropriate federal laws and guidance or consult with your tax advisor.
